TVX Gold Inc. - Olympias Project Receives Environmental Impact Study Approval.Business Editors TORONTO--(BUSINESS WIRE)--Sept. 19, 2000 TVX TVx Target Vertex TVX Transmission Valid Timer (FDDI) TVX Valid Transmission Gold Inc. (NYSE NYSE See: New York Stock Exchange :TVX)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :TVX.) is pleased to announce that the Greek Ministry of the Environment has issued its approval of the Olympias project's Environmental Impact Study ("EIS (1) (Executive Information System) An information system that consolidates and summarizes ongoing transactions within the organization. It provides top management with all the information it requires at all times from internal and external sources. ") relating to the development of the 254,000-ounce per year gold project. The EIS, the major approval required from the Greek authorities to allow the project to proceed, was approved after the completion of a ten-month review period that involved Greek government ministries, the Prefectural pre·fec·ture n. 1. The district administered or governed by a prefect. 2. The office or authority of a prefect. 3. The residence or housing of a prefect. Council of the Chalkidiki region and the public. The approval of the EIS confirms the Greek government's continued support of the development of the Olympias project and allows the Company to complete the permitting process, which is at an advanced stage. SNC-Lavalin America, which was awarded an Engineering, Procurement and Construction  The introduction to this article is vague. To comply with Wikipedia's guidelines, it should be improved. Management contract for the development of the Olympias deposit in November 1999, has completed basic engineering and confirmed total capital costs. The 1999 bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study estimated that, upon commencement of commercial production, the Olympias project would produce 254,000 ounces of gold along with 2.3 million ounces of silver, 21,500 tonnes of zinc and 22,500 tonnes of lead annually over the first five years of production. Cash costs, net of byproduct credits, were estimated to be $91 per ounce over the period, improving to $87 per ounce over the projected +18-year life of the mine. The Olympias project has reserves and resources totaling 4.1 million ounces of gold. With the inclusion of the adjacent Skouries project, TVX's reserves and resources at its Greek projects total 9.4 million ounces of gold. Forward-Looking Statements Some statements in this press release contain forward-looking information. These statements address future events and conditions and, as such, involve inherent risks and uncertainties. Actual results could be significantly different from those projected. Visit the TVX Gold Web Site at: http://www.tvxgold.com. |
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